How the early actuarial exams fit together

The two entry exams

Exam P (Probability) and Exam FM (Financial Mathematics) are the two exams almost every candidate sits first. They share no material, so they can be taken in either order or prepared for in parallel, though most candidates find sitting them one at a time less punishing.

What comes after

The later preliminary exams build directly on both: statistics and modelling work assumes the probability from Exam P, and anything involving valuation assumes the interest theory from Exam FM. A shaky pass on either shows up again a year later, which is an argument for over-preparing the first two rather than racing through them.

The precise names, structure and order of the later exams change over time. The society's syllabus pages are the only reliable source; this page deliberately does not list them, because a stale list is worse than none.

Sequencing in practice

Three patterns cover most candidates.

• Student with fresh calculus: P first, FM in the following sitting.
• Career changer or rusty calculus: FM first while revising calculus, then P.
• Candidate with a hard deadline (internship applications): whichever exam you can pass soonest, which is usually FM.

How much of this site applies

Everything here covers Exam P and Exam FM only. The formula reference and the drills stop where those two syllabi stop, and there is no attempt to cover the later exams — a reference that is thin everywhere is worth less than one that is complete somewhere.